Leicestershire-based construction materials giant Aggregate Industries has snapped up the independent concrete business Maxi Readymix Concrete, based in the same county.
The aggregates specialist has paid an undisclosed sum for the smaller business, which has an annual turnover of around £8 million, in line with its medium-term plan to strengthen its market position.
Maxi Readymix, which is based in Whetstone, just outside Leicester, was founded just five years ago by Leicestershire property developer Jim Abraham.
In 2011 he sold a previous company called Maxi-Waste for £11 million. He had launched that 25 years ago, and grew it to 30 vehicles and three transfer stations.
He described Maxi Readymix as “probably the fastest growing business in Leicestershire”.
Mr Abraham, whose property and property management business is based in Meridian Business Park, Leicester, said: “We are selling the readymix business as it is ready for the next stage of investment.
“It’s the right time to sell and the 30 people who work there will be transferred to the new company that has acquired it.
“Since establishing the family run company in 2014, we have always prided ourselves on being a truly reliable readymix concrete supplier, delivering high quality products and first class service.
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“We are confident that under the ownership of Aggregate Industries this will continue and the business will further thrive.
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“I strongly believe that this partnership will offer us the support needed to continue developing in the local market.
“I would personally like to thank all the staff of maxi Ready-mix for all their hard work and look forward to seeing the business continue to grow.”
Aggregates Industries chief executive Guy Edwards said they had been impressed by the Maxi Readymix team, which they were delighted to welcome to the Aggregate Industries family.
He said: “Utilising their experience in the construction sector and their strong focus on customer service, we will be able to assist the business with its future growth plans, complementing our own existing activities.
“This acquisition will strengthen our position in the Midlands market and will support our ambition of remaining the supplier of choice for our customers.”
Mr Abraham, who will remain a director of the readymix business to help with its growth plans, has significant property interests in Leicestershire.
He said: “We do a lot of commercial property investments and a lot of private residential investments and are currently building 28 new apartments in Old Aylestone, Leicester, overlooking Aylestone Park.”